tv Markets Now FOX Business December 6, 2012 1:00pm-3:00pm EST
melissa: you have to see this one. 81-year-old former senator alan simpson to get even better, getting his gangnam on. our very own neil cavuto bringing his fiscal cliff news straight ahead. you're looking at gold, lots of it jumping into gold and silver% as a safe haven. actual bars of gold. help investors get in on the action. melissa: we have been talking about it on fox business, the next great government bailout. going to save the federal housing administration. time for stocks as with every 15 minutes, let's had before the new york stock exchange, nicole petallides standing by. down 13.
nicole: this is one of those markets with a lot of anticipation. every focuses on the fiscal cliff. tomorrow is the all-important jobs report for a lot of folks have been hearing more economic news which has been more dismal lately. talk about more layoffs they have seen in november. right now the market is not too far off the unchanged line. the acidity holding 1400. the tech of the nasdaq still below 3000. today apple is now moving into the green and that is one of the reasons why it is holding on to a quarter percent gain. apple $700, 705 in september traded as low as 518 today.
certainly has been under significant pressure, however people use that as a buying opportunity which is evidenced in the two-day chart. with the fiscal cliff fast approaching, naturally it's about time lawmakers took a long recess. >> they're gone today, but will be back tuesday. it meets with small businesses in their district, they will highlight what they say i see ae small business tax hike president obama is pushing. the president is skipping town also for a quick stop in northern virginia. there he will meet with a middle-class family to press congress to protect those making less than $250,000 per year for a tax increase by raising rates on those earning more. the white house demanding a tax rate increase. republicans will agree to increase taxes through eliminating deductions.
even if they figure out taxes, democrats and republicans still have to resolve significant differences on entitlements. take a listen. >> it is not even the right thing to do first and foremost. visit the trophy that republicans want? is that what they want to do what is right to raise the rates? speak of the american people want us to fight to cut spending. it is a fight we are happy to have. >> a house aide said president obama and house speaker john boehner spoke on3 the phone yesterday afternoon, their first conversation a week and since republicans offered $800 billion in new tax revenue and more than a trillion dollars in spending cuts, republicans say they're still waiting on a counter offer from the white house. lori: i wonder if they're talking football.
>> it got messy. melissa: the house may be sending the members home t for e president seems to think if they got down to business, it is an easy fix. melissa: we can probably solve this in about a week. melissa: piece of cake. he thinks it is too late to get anything done before the end of the year as both sides are too far apart on key issues. joining us now, financial economist at jefferies. we think it is too late, we're going over the cliff. how come? >> not enough time to address all the issues that need to be addressed. especially they will talk o on a phone only once per week. it has been some progress on the tax cut side in terms of tax reform that could raise a type of revenue that we are going to need, but as far as i can see, there has been no meaningful discussion at all on the spending side and as many
americans have to balance the wrong budget knows, if you have a deficit that means you have to bring in more rate comment and spend less. melissa: all we're ever talking about is raising taxes and nobody is talking about what we need to cut. the first thing you would do is stop spending. let's tighten our belts. regardless though you really think it is too late? i think they can come up with some solution that is held together with chicken wire and bubblegum and scotch tape and this little crummy thing that will keep us from going over the cliff pushing the whole problem off into the future. speak i think you have to treat two separate issues separately. one is avoiding the cliff, and i think the way to do that is to reach a short-term agreement on tax cut extensions. relatively optimistic they can get a long-term budget agreement done next year, but don't think
they can do it in two weeks which is what the president thinks it's going to happen. if they separate the two issues and reach an agreement, that will onny be temporary. it is not like they're signing away their future in blood and worry about long-term tax agreement or general budget agreement in 2013. i think they can get it done. melissa: if they come up with this short-term plan that raises taxes on part of the population, leave som some for the rest ands we will deal with the rest down the road, that is a really crummy solution and how the market i and the economy reactso that? >> i agree with you, and only be a short-term solution before going off the cliff. melissa: does not achieve anything real. except avoiding going off the cliff. i made it clear that was the sole purpose of it, say okay,
show us what you're really going to do. again, have attacked both sides of the budget. right now they are not even have having meaningful discussions on that. i'm suffering from fiscal cliff fatigue i think it will get worse because the end of the year is approaching. melissa: thank you for coming on. lori: way to bring it home. spending cuts, looking at even more spending or the possibility of that. housing secretary donovan branding how he hopes to avoid a government bailout for the fha. it seems like more dollar signs out there to me, peter. >> that is right. the housing secretary cannot rule it out. washington is certainly closer to one after the latest audit of
the fha fund has a capital reserve shortfall of $16.3 billion. the administration says it is too soon to say whether the fha will need treasury funding. >> can you assure us and the american people today as the secretary of hud and fha will not do that, or you don't know yet? >> senator, i wish i had a crystal ball and i could tell you we won't at the end of the year given the reports. obviously i am highly concerned about that possibility. >> to avoid a bailout agency is increasing fees and making other reforms. the administration says it will signal its intentions on the treasury bailout when it releases the 2014 budget in february and will actually decide to pull the trigger or not next september. lori: okay, peter, thank you. all of this heated discussion debate dying down by then.
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melissa: says the color of money is a new favorite for 2013 and we have charles payne to help you make some. we're looking at a retail investment with a rather green history. charles: the color of the year is emerald, a shade of green. we're going to talk about jcpennejcpenny and their green y and journey. november 2011, and he is the one. it is worth a billion dollars, everybody is jealous of the guy. february 2012, nauseating. the stock exploded to the upside. investors missed it.
this documenthe stock then begio freefall of a series of bad news in science perhaps the tragedy is not working. melissa: it is like a palm. charles: september 2012, deficient in knowledge, the stock rebounds. this is ron johnson, the guy who invented the genius bar. november 2012, this guy gives a sort of talks to the industry, everybody says i have a strategy, know what works, the stock tumbles, craters to $16 per share. bringing us to today. it is not confirmed, but maybe ron johnson is leaving the company. think about that for a moment of the stock is up on strong volume. just imaaine that.
for the craziest reason of all going back a few years ago. melissa: what was the nauseous? >> missing the rally. lori: what is a good color tomorrow? sandracharles: what was the colf the year this year? melissa: tangerine? charles: of course. melissa: i am lucky. lori: i've never even heard that be described as a color. charles: tangerine. all right. lori: let's check the market with nicole watching wall street.
nicole: watching green. looking at men's warehouse. a completely different picture. you see a down arrow decisively for men's warehouse. they came up with a number, but they have t had to cut their fur profit outlook. so with that we see the stock at a lower guidance, down 2.5%. earnings rose 22% in the fiscal third quarter but as i noted the outlook is not a good one. they have seen sales worse for the month of november in u.s. and canada. that is not good news for the retailer down $0.79. back to you. lori: nicole, always a pleasure could thank you. melissa: what is the hottest stock on wall street? could it be an analyst which mark on the firm of buying for bank analyst dick bove.
lori: the dollar strengthening against the euro. predicting an even weaker euro zone. we are back after this. [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. sshe's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade.
>> 20 minutes past the hour, this is your fox new fox news b. defense secretary is saying u.s. intelligence services have very serious concerns about the routine use of chemical weapons in syria has the u.s. much official tells fox the syrian president is prepping a deadly nerve agent loading it into bombs for deployment. experts say it is 500 times more toxic than cyanide. the pentagon plan to prepare publications in africa are extremist in al qaeda. manage national core are prepping to launch offensive in northern mali. providing training and equipment and transportation, separation set to begin early next year. over in each of the presidential palace looking like an armed camp is at this time. egyptian military installing barbed wire barricades and
stationing tanks after another night of deadly protest. the worst round of violence in two weeks. clashes between rival to mr. this killed the seven last night. those are your headlines, back to lori and melissa. lori: time to get a deal to avoid the fiscal cliff. senate majority leader harry reid just took the floor. he tried to get a vote on the fiscal cliff deal at 1:30, but minority leader mitch mcconnell, republican objected to that proposal saying i matter of such importance, 60 vote threshold, majority was born to do. now it will not happen, no vote today on the debt ceiling, fiscal cliff proposal to basically the breaking news is we're back where we started. melissa: what is the hottest stock on wall street these days.
trading under. the bidding war for my favorite bank analyst. i love dick bove. speaker he is in purgatory. a billion dollars unauthorized trade was described as a rogue trader. presumption of innocence, he was arrested earlier in the week. take the firm, the firm has been closed down since then. dick bove has been in purgatory. sources are telling us bove reseed essentially 17 offers to join him, he is now down to five, he has contracted form in five firms. he believes he'll be making the decision on which of these five firms he will go to in the coming days.
he says he is close to a deal to revitalize the firm, said he would stay with rockdale. if i tell you this. said he is t has to make up itsd soon, did not say which way he was going. my gut talking to people what he is probably going to leave. who are they? these are midsize firms who basically know he is a well-known analyst. he opened stores. jamie dimon, he gets on tv. melissa: a lot of what he does is counterintuitive, he is not afraid to go out and get the pack. he turns it the common thinkingn
its head. >> i don't think much of citigroup, although when you listen to him, he makes sense why he thinks banking is making a comeback in citigroup is positioned very well. i remember early on during the financial crisis, i don't think there's a reporter that covered it closer than me. dick bove was a good source. early on the bear stearns hedge fund imploded first, that touched off everything because when they imploded we have values with mortgage-backed securities. at least that is what some of the analysts thought. dick bove was one of the few people who called it. that isn't it two different things here?
the balance sheet is not affected. said no, you're wrong. bear stearns is holding this. he was very early on that i have to give him kudos for that. five offers, he has to make a decision coming down the next day, in days. he is friends with him. there is some loyalty. melissa: it shows how exemplary it is. >> he is a brand. melissa: he has a big book coming out. >> he is a brand. in tough times you want a brand. you go with the brand. melissa: charlie gasparino, thank you so much, good stuff.
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let's head to the floor of the new york stock exchange. our own nicole petallides standing by. watching a whole lot of companies up on earnings today. >> a lot of news going on here on wall street. let's look at hot movers, starting off with h&r block. that is one we continue to focus on. it hit a 52-week high. the look at the stock. earnings are coming out. one thing they did well was a lot of cost-cutting. they noted a strong tax season in australia which helped boost revenues believe it or not. there is h&r block up over 4%. we talked about them rushing that dividend. you can see that is a winner. lululemon known for their yoga and athletic wear up 4% and smithfield foods up one quarter of 1%. plenty of green on the screen, ladies. back to you. melissa: nicole, thank you so much. lori: former senator alan simpson trying to shake things up. check this out. >> stop instagramming your breakfast and tweeting your first world perhaps and getting on youtube so you
can see "gangnam style". ♪ . [laughter] lori: former senator simpson had us talking but, is it enough to get washington moving? joining us neil cavuto. melissa: moving. you have the dance, right? >> i was. lori: breaking news. >> no, they can't. the reality they're just not moving the ball and it's ridiculous but they're not -- i will say this. i know i stand apart a lot from our media colleagues, a bad deal isn't better than no deal. if a deal so skewed heavily on tax hikes, very little on spending cuts you will have more damage than you really want. you probably get the credit ratings agencies downgrading u.s. debt anyway. melissa: right. >> what have you solved there? in the rush to get a deal, ever gotten a mortgage, first time, go, go, now, now.
got to do it now, now. i go back to the lot the same car will be there. another mortgage opportunity will present itself. we have to be very careful about the deadline notwithstanding that, it doesn't mean a deadline for doing something dumb. lori: i wonder if we're missing the forest for the trees or congress in particular? i'm concerned about the overall economy. i don't think it matters to your point what happens with the fiscal cliff. the economy is at stalemate. unemployment, we look at jobs report tomorrow, is dismal. we're liking inflationary environment down the road. this is bad news. >> you could could make the argument invite blowing past short term helpful, long term payne full. melissa: spending cuts, tax hikes are very dramatic going over the cliff. when you look at numbers, still is like five to one raising taxes to cutting spending. >> that's right. melissa: no one is really talking about cutting spending. isn't that the first thing you would do? if your fiscal house was in
such disarray, household at home, first thing you do is stop spending. no one is doing that. >> what scares me, is that point. whether you agree or disagree hiking taxes i am not a fan of it but i think it will come. we can get past this. charlie gasparino and i have argued this. one of the consequences of the election the president will probably get his way raising most rates. melissa: right. >> i'm not saying i'm a fan. let's get past that, let's make it happen. republicans realize you lost election you didn't suddenly lose your backbone. this should be precursor getting serious tax reform and spending cuts, cuts as you point out melissa is the wrong term. they're talking about slowing the growth of spending. that is very big difference. melissa: right. >> i think the fact we see a deal largely absent any of that spending stuff, the other day i had the chairman of the congressional black caucus on. neil, we have to leave
social securitt alone, medicare alone, medicaid alone. then what? so i think we have to get back to the then what stage. that's why i argued we shouldn't look at this with just the deadline in perspective. melissa: right. >> but what we do to meet that deadline. melissa: to lori's point what has gotten lost in all this discussion is growing the economy. that is what really would solve the problem is to grow the economy. then you could see more revenue. maybe if you tackled spending it would make a difference. that we've completely given up on. there is no hope. >> one of the big mistakes that has been made reporting, not on fox business. melissa: no. >> we don't want another year of cut, cut, cut. that produced these riots and cascading economies. no, reality they implemented tax hikes first, millionaires tax in britain that didn't affect the millionaires. they had to dial back. in france, of course, in all these countries and italy and other countries excise
tax. they went in first. the cuts came after that, whatever meager cuts. that was growth of the growth off the growth. melissa: right. >> the lesson to be learned from europe isn't to be careful on cutting. it is to be careful on hike being, on hiking taxes. the beast is the government, in my opinion here. the beast is the government. you don't reward the beast by giving it more food, more dollars. that's what i near is going on here. melissa: yeah. lori: the president's desire to get rid of the debt ceiling limit at all, what kind of ramifications, what could happen? are we looking at another debt downgrade? a second downgrade could be really, really -- >> here is what i agree with him. this charade we go through every few months on the debt limit. republican presidents, democratic presidents, mark zandi from moody's it does damage our credibility. i agree to something like that. i didn't like fiat saying i will handle the debt thing. that would be like letting me run loose in a best buy
electronics store. not a good idea. i understand where he is coming from. we do have a find a way we can, you know, not hold our entire government hostage to these debt ceiling issues. but i just don't like what he is doing. i'll take over here. that could be the wolf guarding the henhouse i. lori: i think we're looking at another debt downgrade regardless. not to be a debbie downer. >> i think, no matter what kind of deal comes together here we know it won't be worth the paper it is printed on. lori: spending to your point, you've been on this theme, the spending cuts --. melissa: getting tired of it. >> like she told me she was tired of your book. we all were. but lori, we had to work with it. melissa: i know. you were gracious about it. i appreciate that. >> she sold a lot of books. lori: i bought a lot books. >> washington isn't selling the story. neither side is. most of the polling going on in washington, no guts, no glory.
nothing, nothing. that is what is insulting. lori: that was fun. melissa: thanks, neil. >> you want to know my space special this weekend? melissa: you can't foreget --. lori: you're blasting off into space. >> yes i do blast off into space. 40th anniversary. last man to walk on the moon. i will get in the capsule and go to the sun at night. melissa: are you really? cool. >> most of the surviving astronauts and look back at a time. talk about guts and glory they just did what they had to do. no ifs, and, pointing a finger about it. we could do worse then go back to guys like that. lori: they had money to do with wit.% >> it was spent wisely. it was spent wisely and productively. lori: one of the more sadder cuts or. melissa: devastating? lori: space coast in florida, it was abysmal. >> i was there last night wrapping this up, you know what is sad, how stunning cape canaveral all around, it is knew a museum why. shouldn't be a museum.
melissa: do you sleep at all ever? or you just fly around doing television. >> that is personal question. i will not entertain it. melissa: thank you. oh, my goodness. totally off the rails. oil and natural gas getting crushed in the trading pits today. we're headed to the cme for what is pressuring us lower. lori: what is pressuring you? melissa: what? lori: just laughs and compliments. melissa: not anymore. not after this show. lori: forget christmas. we're prepping for the fiscal cliff, buying gold. stay with us. ♪ [ male announcer ] how can power consumption in china,
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fox business brief. t-mobile is finally getting a bite out of apple, adding the tech giant's products to it next year. deutsche telekom didn't mention specific products. ipad and iphone are only products offered. hasbro is latest company moving up payment of its quarterly dividend to avoid higher taxes for shareholders. the dividend payment of 36 cents a share will be sent to shareholders this month instead of next year. general motors is planning to hike prices in india by as much as 3% in the new year. the automaker says the increase is response to escalating input costs and currency fluctuations in the nation. suzuki and hyundai already raised prices. >>. >> that is the latest from the fox business network, giving you the power to prosper
melissa: we have breaking news right now. former italian prime minister silvio berlusconi will run in the for office in the spring after resigning in november. not going to. interesting. lori: we'll keep an eye on that development in europe. don't forget the ecb, this is headline, saying eurozone is in for more economic woes and great are contraction. switching gears here, the concern over the u.s. fiscal cliff has you looking for a way to invest in gold there is one place you might have overlooked and that is ebay. a gold dealer has teamed up with the online retailer to give consumers an easy way to purchase gold bullion. the company's ceo michael haines joins me with more. rich souvenirs. don't turn away. how much money is actually here in gold and silver? >> just on the table right here probably about 50, 60,000. lori: only?
chump change. >> annual bonus. lori: how do you know that is real? >> this is made for example, this one right here is made by the united states mint. so your government is actually making coins so that he can own bullion in your own personal investment portfolio. lori: so if an investor goes to ebay to purchase this, how is it guaranteed? >> well the ammex bullion center on ebay is collaboration between multibillion ebay and apmex to bring bullion so everyone has access to it. research shows 50% of the american population is interested in owning physical gold and silver but they have no way to do it. what we're doing here with apmex and making it available at ebay.com/apmex. lori: take issue there is no, no way to do it, a little bit of research there are a lot of reputable dealers. qitco. >> absolutely. >> you could pay with credit
card. >> absolutely. lori: that is alternative for investors. >> that's correct. lori: how does it make it easier? how do you pay for it? through paypal, through ebay? >> the way we're doing it right now between ebay and apmex, you get on ebay, you get the buyer protection plan at ebay which is only available on ebay and much better than anything else that is out there. and by virtue of using the ebay plat for, one that over 100 million people are accustomed to using we can bring that product right to you, any day, 24/7. 365. >> armored car pull up in front of your door? >> no, usually less obvious brown trucks or white trucks. deliver right to the front door. >> how does this work for apmex? how do you profit? do you get a fee for the transaction or some other. how does this benefit. >> ebay is a platform of course.
is that what you pay for on the customer. >> everything is based upon that. spot prices are published. on it. ebay, center on ebay. see exactly what the spot prices are that they are based on. buy them at quarter of an ounce at a time if you so choose. there are 200 different products available at the apmex bullion center on ebay. all the people out there that said i need a place to go. this is place you can go. lori: gold bullion and silver sales the price is appreciating versus gold funds. this is what people are doing with all the cliff
concerns. i have to leave it there, michael. i do apologize. thank you for all the information. >> thank you. melissa: he is leaving all that stuff here, right? lori: he said he is. 50, 60 grand worth of gold and silver. melissa: quarter to as we do every 15 minutes, nicole petallides on the floor of the new york stock exchange reports of a takeover of walter energy out today. >> that's right. we'll look at walter energy. walter energy is gaining on this market speculation on this news that bhp billiton is considering a cash bid for the u.s. coal producer, walter energy. that is why we're, at $55 a share. again these are according to reports, spokesman at hp headquarters that the report was market speculation. certainly enough to keep things moving around there. bhp shifted focus and cutting costs across the board. walter got a nice pop on the market speculation. pack to you. melissa: nicole, thanks so much. oil extending losses for the third day in a row. what is sending it lower?
we head to the pits -- i'm sorry? lori: over here. melissa: okay. we head to the pits of cme. fox business contributor phil flynn price futures group to find out. >> i'm here. i'm right here. 86, we're just below 86, back above 86, the lowest level in three months. a lot of it being driven by lower gasoline prices. but also concern about the darn ecb. mario draghi talking about the slowing economy but saying he is not doing a heck of a lot with that. he is happy with where they're at. they will not do more. not the same type of comment as a guy oing everything that saved the euro. remember winter, remember last winter, or i should say last week the look at natural gas today. look at draw down in supply. 73 billion cubic feet, it was. that is biggest, one of the biggest drawdowns, well below the 5-year average. what do you think that means for natural gas prices. lower.
why are we lower? because we priced that in last week. we priced in the coal. this week it is very warm. prices are back down despite that bullish drawdown in supply. so sometimes you have to look ahead to know whether it is bullish or bearish. today the is bearish is bullish and vice versa. back to you. melissa: there you go, phil flynn, i got you now. price futures group. >> thank you. melissa: so playing games like "farmville" to make real money. lori: no way. melissa: the latest venture from online videogame company zynga. lori: i shouldn't say that. think your kid has what it takes to be the next oracle of open omaha. a chance to pitch a business plan. we'll head off to break and show you some winners and losers want to try to crack it? yeah, that's the way to dot! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personaattention.
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lori: zynga filing paperwork with the nevada gaming control board for real money online games but what games will be available? shibani joshi has the details. >> imagine concept of playing games we already spend and waste our time playing with friends, "farmville" and everything else. making some money off of it. lori: what do you mean we? i do not play any of that. just scrabble. that is fairly intelligent. >> "farmville" and mob game. i get that's a little bit more for people. we'll go with that. here's what zynga is trying to do. makes a lot of sense. they are trying to make money off of people, possibly wagering on outcome of games they already play and love them and play it for free. the company filing paperwork in the state of nevada
holding a gaming license. they said, put this out in the statement, said previously the broader u.s. market is the opportunity that is further out in the horizon based on legislative developments but we're preparing for a regulated market. this is where this company wants to go. they're turning into --, probably next 12 to 18 months if it happens. shares are making up for lost ground we talked about on monday or earlier on in the week. as a result of facebook and parting ways exclusive. shibani --. lori: gamer in the house for us. thank you. melissa: online contest is offering a few young entrepreneurs the chance to present their business ideas to the "oracle of omaha" himself warren buffett. students between the ages of 7 and 16 can submit their ideas. the winners can be flown to omaha to present ideas to buffett in person next may. the contest which is sponsored by the fair home foundation is affiliated with a secret millionaires
club, that teaches kids financial principles. buffett voices animated version himself and offers advice in videos. the grand prize individual and team winners will each receive $5,000. lori: that is pathetic. melissa: i love that. let him know what you really think. thank you to janice dean in the weather center team for hosting my son thompson's class this morning. look at that. not thompson. these are some other friends. maybe we'll see them in a second. there he is, doing the weather. lori: why am i not surprised. melissa: there is whole bunch of them from saint stephens kindergarten class. thank you, miss murphy. thank you, janice dean. fabulous. on "money" we discuss the some ceos formally spoke out against president obama's policies after the election doing about face and backing him. tastid-light founder, and
>> and on that note --, take it away. ashley: thank you, ladies. as lori just said, drifting along. market up by 11 points. good afternoon, i'm ashley webster. tracy: i'm tracy byrnes. political theater over the fiscal cliff. how a senate battle over the presidential power around the debt ceiling could shape the cliff talks going forward. ashley: apple shares up today, but still down more than 20% from the all-time high less than three months ago. now is the time to buy. is there more downside ahead? all the people wondering about apple. we'll speak to one leading analyst is here soon. tracy: i do my part this holiday season for apple. somebody has to buy the stock. goinn over the fiscal cliff means big budget cuts for the fda and drug approval. we'll talk to acorda and how their company will fare. ashley: let's o to nicole petallides on the floor of
the new york stock exchange. nicole? >> ashley, tracy, this is one of those days where you see the back and forth action, right? we stay in this trend line, just establishing right around the unchanged line, the dow jones industrials for example, are up .1 of 1%. the s&p is up a quarter of 1%. tech negative nasdaq the most interesting story today because it has been under pressure while you've seen the other two indices last few days trying to give it a go. the nasdaq has been held back. one of the main reasons because of apple which you duly noted at the top of the show. take a look at nasdaq composite right now which is gaining more than half of 1%, seeing a gain of about 17 points for the tech-heavy nasdaq. it is not back at the 3,000 mark yet. let's look also at apple. because that's key. it is up almost 11 dollars here, a gain of 2%. it traded as low as 5 -- 518
today. down 20% from the december number. it was a concern but people decided to buy when it sold off this morning. back to you. ashley: based on some price projection it is was a real steal. we'll get into that a little more in just a moment. nicole, thank you so much. appreciate it. tracy: new developments in the battle over the debt ceiling, in the last hour, senator minority leader mitch mcconnell objected to holding a vote on the issue leading them back to where they started. rich edson, from washington. it was a fire drill. we'll vote on the debt ceiling. no we'll not vote on the debt ceiling. >> a little bit. the senate version of that, which is little more muted that is kind of an idea behind it. this argument goes well beyond just raising tax rates. though that is the most significant obstacle in reaching a debt deal. but the white house wants congress to cede its authority to raise the federal borrowing limit and allow the president to request increased in the debt ceiling and only be denied in a -- if a
supermajority in congress objections. republicans kuhl that a power grab. the white house says he is simply trying to avert another debt ceiling panic. >> i would ask american business, i would ask american workers whether they think that what happened in the summer of 2011 when republicans, some with great enthusiasm, threatened to have the united states default for the first time in its history. >> look, the only way we ever cut spending around here is using debate over the debt limit to do it. now the president wants to remove that spur to cut all together. of course it gets in the way of his spending plans. >> to the broader debate over how to avert the fiscal cliff republicans and the president are out campaigning on their tax plans. president obama is in northern virginia meeting with a middle class family. republicans are speaking with small business owners.
both say the other side's reluctance to relent on their positions will harm the economy. back to you. >> rich edson, i wish someone would take a limit away on my credit card. that would be nice. ashley: instead of campaigning they should be talking to each other and getting this thing done. when it comes to the market stocks are hanging on every word coming out of washington. we've seen it hourly if not by the minute. even with the wild moves our next guest says now is the good time to get into the market because going over the cliff has been priced in. joining us milton ms. rought at this, lord abbett chief market strategist. thanks for joining us. if it is priced in why are we seeing these gyrations with every statement coming out of washington? >> it is not entirely priced into the market. the market obviously would like to hear good news. it wants to hear some kind of a comprise. when it gets that it moves up and when it doesn't it disappoints and moves down.
the market looks very cheap. it is effectively discounting some pretty ugly news. that puts it in the position to be pleasantly surprised even with mediocrity. tracy: talk to you about where we should be buying but you agree we'll go into recession if we go over the cliff. what if we get a deal that is really crappy deal, will we still go into recession? >> if we get a crappy deal, where we are is back to where we were. we avoid spending cuts. we avoid the bulk of the tax increases and the economy creeps along. that is hardly good. crappy is a good way to describe it but doesn't mean that we get the worst. ashley: well, putting that technical term aside, milton, if there is opportunity, where is the best opportunity right now in this market? >> well, we actually think the areas that show the best value would be financials and cyclical stocks. that is where they have taken the biggest hit as
people have shown their fear. that is where the greatest opportunity is. should we not even get good news, even relief some of these worst fears. tracy: at end of the day we'll get through this. we'll get out of it. the market eventually will turn itself around. you have to have some sort of long-term horizon, don't you? >> you do. between now and end of the year, maybe early january we'll have a lot of volatility here because we'll get good news, bad news, good news, bad news on this debate. no one will know how it will come out until the last minute. ashley: well, if it doesn't get done, milton, you could argue if it is a matter of days or weeks the damage will not be irreparable, once we get into a month and beyond is that when the real damage could be done? >> the damage is cumulative. in a month which could rectify the situation and avoid a recession and continue with this slow, disappointing recovery. if it drags on into the spring, the damage as i say
is cumulative and it could get worse and the odds of recession grow with each passing day or week that we fail to make some kind of a compromise. tracy: to add insult to injury we have obamacare coming into play in 2013. i love your notes. i'm confident it's going to be a shambles. what happens then with that coupled with everything else going on in the market? we're talking about a whole year of basically stagnation, aren't we? >> washington is going to be in our face all year. the implementation of obamacare, how it is clearly not very well-thought out in the legislation. at least half the states said they're not building their exchanges. that falls on health and human services to build it. they have only a billion dollars allocated for the implementation. doing it for 25 states, they would burn through that in a month, maybe six weeks at the most. so they're going to have to go back to congress and ask for money. house speaker boehner said
that will be a debating point in the debt ceiling and in the fiscal cliff when it comes to that. ashley: certainly will. milton ms. rought at this, thanks for being with us for your perspective on the market when we see what happens in washington. thanks so much. >> thank you. tracy: he is oozing confidence in washington, isn't he? ashley: yes. dripping with sarcasm i think is more --. tracy: sham else about. i love that word. it's a shambles. there is so much more ahead this hour including a biotech ceo what is hurting innovation in the sector. you guessed it, obamacare. a corda's ron cohen is here. ashley: apple making lots of news with its stock swings. reports it is shifting production away from china back to the u.s. as we do this time every day, look how oil is trading. down nearly 2%. bun a buck 73 at 86.15 a barrel. we'd be right back
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on that news. almost a daily or hourly occurrence now as we get news companies are getting these dividends out before tax hikes. tracy: like all the all cool kids are doing it. you have to do it. that time of day. we have to make money. charles payne is here. it has been a wicked day on the street, up down, up down. look at the dow, charles. 60 points though is really the spread. not that much. >> you know what is crazy? no one is talking about the jobs numbers. tracy: right. >> we might get a free pass, sandy pass no mat what they are. if they're disas truss it was sandy. if the economy is great --. ashley: so difficult to trade in this environment right now. >> it is so difficult to trade. people have to be very aware. that is the key word you use, trade. do you want to be a trader or do you want to be an investor? so many people tell me, charles, i don't want to be trader. they buy at 30, goes to 28.04, oh, my god i need to
sell it, i'm losing my shirt!. what the heck. i thought you didn't want to be a trader? one of the reasons i'm getting a little bit bullish about the market in general. i'm a individual stock guy. i don't like to do the macro thing. i like the way the market acts. we've seen a shaking out of the weak sisters. we had the market pull back sharply. we saw the pullback in apple. weak holders of stocks, weak sisters have for the most part been shaken out. it would take disasterous news --. ashley: talking about disaster, what if we went over the cliff? >> if we did go over the cliff and saw the market pull back sharply i would look to be a buyer on the pullback. here's the thing, tracy i'm so necessarily sure we would collapse. i think the market fell apart to push lawmakers. in effort to do what the bond market used to do. there are no more bond vigilantes. tracy: we've never seen fundamentals so strong in our companies. these are lean machines the
american companies are trading, right? >> lean machines. tracy: expenses are down. employees are down quite frankly. >> right. tracy: they're in fabulous position to take off. >> they really, truly are. you hit it riggt on the ahead. from a valuation, traditional evaluation metrics a whole lot of stocks look like screaming buys out here. if they move lower i caution people who consider themselves like to be investors not to get caught up in the near term emotional aspect of this. meantime if they do get a deal the street likes, look at 13,600 on the dow. that would be a nice pop. 550 points. tracy: yeah. >> first leg up. tracy: merry christmas, charles payne. >> all right. ashley: well, talking about the markets as we do every 15 minutes, let's check them now. nicole petallides on the floor of the nyse. nicole. >> a little shop till you drop, we have news on retailers, ashley and tracy. we're looking at two very key names. looking at men's wearhouse pressure when you think of men's wearhouse you think of
mens suits and such. the outlook is somewhat disappointing. look how the stocks are faring. down 3.2%. vera bradley, known for stylish bags and accessories and such, also to the downside, down about 12%. they are forecasting lower than expected results for the upcoming quarter. and that obviously doesn't bode well for the full year. this is why, despite the fact you've seen some profits jumping for example, for men's wearhouse when you get outlook below estimates the stocks are getting hit. vera bradley down three bucks. back to you. ashley: we'll check back in with you in 15 minutes. tracy: we're talking about apple shares all day. apple bouncing back after the biggest drop in nearly four years. what is moving the stock and is it a buy? ashley will ask an analyst next. ashley: interesting stuff. let's look how the u.s. dollar is moving against, well some of these foreign currencies. euro down against the dollar. pound down against the
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this is your fox news minute. defense secretary leon panetta saying u.s. intel services have serious concerns about the assad regime use of chemical weapons in syria as a u.s. military official tells fox, the syrian president is prepping sarin gas, which is a deadly nerve agent, and loading it into bombs for deployment. experts say sarin is 500 times more toxic than cyanide. germany's cabinet approving of delivery of patriot missiles to turkey, the move aimed to protect the nato member against possible syrian attacks. the western alliance decided to okay the move after mortar rounds and shells from syria killed five turks. the missiles are expected to arrive in turkey in five months. the briefing on the situation in north korea as the rogue nation plans to launch a long-range missile. the nuclear armed regime claims they're just sending a satellite into orbit. washington sees it as a
cover for missile tests possibly aimed at the u.s. those are the headlines, pretty serious ones at that. back to tracy. tracy: sure are. tracy, thank you very much. smith & wesson reporting qarlt early results amid surging results in u.s. will they shoot a bull's-eye? they have rockin' black friday sales. >> unbelievable. gun applications way up. gun sales way up. particularly since the beginning of president obama's first term. there is lot of concern about gun laws and will our rights to own and bear arms go away? people have been buying up the guns. that means smith & wesson shares have been skyrocketing. this is 2012, a lock at smith & wesson chart. whether or not they will hit a bull's-eye, last fourth qaer is they blew away expectations. revenue of 134.4 million. this is reporting after the bell tonight.
definitely going to be a stock to watch. they have had a track record of beating earnings guidance of the by the way, they just recently raised their own guidance for year-end. this stock really on a roll. pe, even with this gain, guys, is still 16. so it is fairly cheap for that kind of run-up in a stock. one other company, hard to transition from gun to yoga pants but lululemon reported before the bell today. look at this stock. up 6%. another stock that has been on a roll. lululemon shares up 54% so far this year. they make all the yoga pants, tops, all that kind of stuff, guys. better-than-expected results, same-store sales a key indicator of their performance up 18%, guys. people are still going out there and buying this stuff. this stock is pricey. it has a pe right now of 48. still, tracy and ashley, the average analyst estimate is 82 bucks a share. that is their price target end of year with an overweight rating.
they're still really bullish even though it has gotten very pricey but outstanding results from lululemon. watch for smith & wesson after the bell tonight. back to you. tracy: all the people that buy yoga pants actually do yoga? i bet they don't, sandra smith. >> they look great. ashley: shares of apple bouncing back today. of course this affer the stock had its biggest one-day drop in nearly four years. so the question is, is this a buying opportunity for investors? a lot of talk about apple these days. joining us now, stuart jeffrey an analyst with nomura. stuart, thank you for being here. why are we seeing these gyrations in apple's stock? is it one thing or a combination of things? >> i think it is a few things. it is a stock used to beating expectations. expectations forecasts keep ramp up after each set of results. last time they reported gross margins were pretty weak, people had to cut numbers. that broke the winning cycle
streak they were on. iphones got probably 30% higher gross margins than any other device. if those start to fall people start to be nervous. we've seen a few indications that gross margin is under pressure. there is report out recently maybe people are buying more cheap iphones rather than expensive ones. there is talk that the ipad mini is cannibalizing the high end ipad. that is potential argument around price sensitivity and margin pressure. yesterday one of big issues can they go in emerging markets. iphone is so expensive, can they get expensive there. china mobile stated they have been talking to apple couple years and can't aggee to business terms. people hoped china mobile would take the iphone this month. ashley: that is interesting. as the gap narrowed between apple and its competitors? it is still the brand in its industry? >> it is the dominant brand. something more come quickly last two years. now big two, samsung and apple.
samsung with bigger market share in unit terms. everybody else below is really struggling. the different ren between apple and everyone else you can't get bigger. ashley: basically apple renovated, remodeled everyone of its products. so what's next? is there a surprise announcement maybe on apple tv around the corner? >> with apple tv they said they have to wait until they make it work. the key issue can they talk to the cable guys and content owners. it is much more complex than simply doing a stand-alone piece of hardware. they have to change the way the tv industry works. on the other side normal products one of the concerns is all the innovation they have done is iterative. steps to improvement have been getting smaller and smaller and smaller. one of the concerns is there something for them to really hit the ball out of the park with. ashley: talk about price target. your price target is $660. others are still above the thousand dollar mark. what is your reasoning on that?
>> so if you look at the makeup of earnings almost a phone company these days. and you look at the growth, they have penetrated europe and u.s. fantastically. they're close to 40% market share in smartphones and 80%. handset growth. they need to get growth from emerging markets. what we're seeing from emerging markets android phones coming out for less than $100 compared to the iphone for 600. we think in emerging markets they're losing battle for price an applications in asia are being built around android first. here in the u.s. the iphone has the best ecosystem of applications. in asia we at this that will be android. ashley: is it a buy at this price? your target is 660. still looks attractive? >> tech stocks have to move. we'll not find out whether couple months is short term margin dip is transitional or something structural underneath it as well. ashley: thank you for being here. appreciate it. there you go. apple is a iphone company these days. i guess that's true.
tracy: really do everything you need to on the iphone. ashley: that's true. tracy: coming up housing secretary sean donovan admits taxpayers are quote, closer to funding a massive bailout for the fha. gerri willis is on that story next. ashley: first let's take a look at some of today's winners and losers as the dow is drifting slightly higher. we do have winners. starbucks, raise a cup of coffee to them. they're up 6% today. netflix after the big disney announcement up again today 5%. we'll be right back
ashley: it is 30 past the hour. let's check the markets as we do every 15 minutes. nicole petallides on the floor of the night see. take it away. nicole: i am here with keith blitz and we were talking about the fact we are not far off of the unchanged line. you were saying middle around the edges. what is going on? we have market direction. why we not seeing more? >> we are floating around in the ocean waiting for a lifeboat to come and take us back to land. we are going to sit here and you will be placid. i expected real volatility. we are not seeing -- the longer they talk about the fiscal cliff everybody is talking about talking about fiscal concluding me, until we get some resolution you won't see any movement here and plus you have other factors locally that are making people sit around waiting on the jobs report. nicole: i wanted to ask about the jobs report. what do you think we're going to hear? the election is done, what will we hear tomorrow? >> i think we are going to hear
very tepid job growth, they will likely blame it on sandwich give them a good excuse right now. i think the market will react like it is today. everyone is this availing the economic data and the fiscal cliff. what is more important is how the jobs data affect negotiations on the fiscal left. it is up for jobs report tomorrow it will affect the negotiations and there will be urgency to get something done because everyone concerned about getting jobs. it nicole: everyone is concerned about jobs. back to you. ashley: thank you so much. back in 15 minutes. like a rudderless ship floating in the ocean, the markets description of the day. tracy: poetic. this is not. housing and urban development secretary shaun donovan on hot seat on capitol hill is grilled on the f h a and whether taxpayers foot the bill for multibillion-dollar bailout. gerri willis has this story. we have been waiting for this. gerri: that is will be looking
at. off the top of my head. shakespeare is clocking in his grave right now. ashley: quite an image of. gerri: let's talk about fha and how much trouble they are in. they guarantee the mortgage loans. not that they are actually making them but the agency has lost $70 billion of loans in two years, 2007-2009, $70 billion, they have $1 trillion in mortgage debt and standing behind this. shaun donovan today asked are we going to have to bail out this agency? here is what he had to say. >> can you assure us and the american people today as the secretary of hud and f h a will not do that? or you don't know yet? >> i wish i could -- have a crystal ball and could tell you won't at the end of the year. given the actuarial report this
year, obviously i am highly concerned about that possibility. gerri: you can read that as a yes. when somebody doesn't come out and say there will be -- may be so. the problem is we won't know for a long time. not until we probably do the next budget next september. keep in mind it could be billions and billions of dollars. i have interviewed shaun donovan before and a lot of people in the housing and urban development, their systems are in the stone age. you can't imagine what trouble these agencies have trying to keep up with reality. tracy: they are betting--making better loans and people paying them? that was left over from the disaster. gerri: they still have trouble. >> i love glass half full and i could agree with you. [talking over each other] ashley: the fha is leveraged 41-1. that is when lehman brothers was
31-1. thirty-eight:1 is when lehman brothers and bear stearns are in better financial shape you know disasters ahead. tracy: gerri willis talking about this tonight. gerri: we are going to be talking about a chicken tonight on the show that is endangered because of drilling. you will want to hear about it. [talking over each other] ashley: grilled or barbecued. [talking over each other] tracy: watch the willis report at 6:00 eastern on the fox business network. ashley: a very small code. not that expensive. [talking over each other] tracy: on deck, oil below $87 a barrel. how low will lay go? live from the cme next. ashley: planet earth, spectacular new photos taken from space. that is next. as we do every day we look at
those 10 and 30 year treasuries. we will be right back. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the differenc that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana tnks the physicians, nurses, hositals, pharmacists and other health professionals who helped uschieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rati for a medicare plan... your efforts result in the quality of care and service we're able to provide... which means better health outcomes...
and more quality time to share with the ones who matter most. i love you, grandma! [ male annncer ] humana. ♪ lori: i am lori rothman with your fox business brief. wealth in the u.s. climbing as increases in stock values and home prices and portfolios and report from the federal reserve shows household debt decrease at an annual rate of 2% from july sotheby's is moving up its dividend payments to avoid higher taxes for shareholders. the company is accelerating the payment to first and second quarter dividend totaling $0.20 per share. the payout will be made on or before december 31st. a heavy-metal boost after announcing music will be added
tracy: oil closing down $1.62 at $86.26 a barrel. today's loss is the third straight day of decline for oil. which is why we have to go to fox business contributor phil flynn in the pits of the cme. what is going on? >> they have been destroying this the last three days and it is a lot about geopolitical concerns. it is about mario draghi saying europe is going to be slow and there's not a lot of hope for demand anywhere in the world
with the fiscal cliff concerns and european concerns and in germany numbers were pretty good. and average this time of year, it is warmer and despite the fact there was seventy three billion cubic feet, and it is lowered today. next week's whether, wondering if it is going to get older, not enough to give the market up. tracy: i don't know. this is good news. >> be careful what you ask for. it could be very ugly. tracy: phil flynn at cme. charles: ashley: from the locker room to the courtroom the nld, nhl and others finding themselves the target of a major lawsuit but you might be surprised who is exactly suing. dennis kneale all over this
story joins us now. dennis: revenge of the fan. of federal judges letting sports fans go ahead with a lawsuit with antitrust charges, national hockey league and big network, the networks owned by comcast, directv, package sports programs, reducing competition. it raises prices, stops fans from watching their favorite teams out of market. some teams named as defendants including the new york yankees and rangers and chicago's white sox and blackhawks. this could be tough to prove on antitrust grounds because sports leagues operate under a congressionally granted exemption from antitrust laws. baseball has had that since 1922. but the fans complain the block out agreement between the networks and sports leagues are anti competitiveness. if fans want to watch outside the market they cannot watch just their one beloved team but have to order an extra package
that includes all out of market games. a fan in new york of the yankees to lives in denver, on cable, has to buy everything, such as baseball's extra image package. this is from a possible yankee fan. federal dissrict judge's ruling lets much of the case go forward even as the judge dismissed charges against comcast, directv and other networks alleging they conspired to monopolize markets yet the judge allowed similar claims against baseball and hockey. direct tv also has a package for nfl games, watching the miami dolphins, to see them on directv in new york i have to order the entire nfl package. no word yet on whether this case is taking aim at the nfl. ashley: very interesting. don't know if there will be much luck in court but a lot of people don't want to buy the whole lot are very upset about that.
you could argue antitrust but if there's an exemption i don't know how far they will get. good stuff, thank you. tracy: i love this story. stunning new images from nassau of our planet at night. look at the united states. you can see how illuminated the densely populated east coasts is. there is. compared to the west coast and look at the next picture, showing the enormity of superstorm sandy blanketing the eastern seaboard. that was crazy and this one, totally amazing, the korean peninsula, pointing to the bottom, pointing to south korea, slightly eliminated, north korea totally dark. that sums up the situation in those two countries. these images come courtesy of a new satellite equipped with a sensor that allows observation at night, totally cool. the korea thing -- ashley: that says it all.
the 20 first century or the other, what the very cool pictures especially sandy. just a reminder how big that storm was. it is coming up on a quarter till the hour and time for stocks as we do. let's go to nicole petallides on the floor of the stock exchange. nicole: you come to me when the major averages we followed so closely have up arrows. the dow jones industrials back in the green. we have had back-and-forth action today. the dow is up 15 points, the tech heavy nasdaq the best of the three. we want to take a look at serious back sam radio. serious ex them radio. what is interesting is they issued a special dividend, basically a gift to the shareholders to do exactly that. what is interesting is liberty media which owns 50% of stock will participate in the share repurchase program of basis that
all of this put together certainly you see, there is up 1.2%, a special dividend so they join 200 companies with a special dividend or accelerated dividend to beat of the fiscal cliff and give shareholder value. ashley: company executives getting a nice tax break. thank you so much. appreciate it. tracy: biotech bracing for a 1-2 punch and the fiscal cliff, according to the ceo, hoo his company is preparing for the worst. ashley: let's look at today's winners and losers, all three major indices like getting into the green, these stocks in the green, starbucks finding its way up 5% and netflix again as we said on a disney high up 4%.
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ashley: ford is recalling one thousand vehicles because the engine can catch on fire. there have been no injuries reported but it is leaving the automaker with a black eye. jeff flock in chicago with the details you need to know. jeff: level vehicle has caught fire in a couple cases. at least a dozen fires, ford a skate and ford fusion, the focus, not so much the vehicle but the engine, the 1.6 ego
boost engine. most of the recalls have been of the escape. that is a huge car for ford, and they unveiled it at the l.a. auto show. it is the second best seller of any car, the ford f-series truck, sold 20,000 escapes last month that 73,000 have been recalled. here is the scary part. it is an important engine but in addition to if your hot engine llght comes on, you pull over and get out of the vehicle the scary part for the company is they do not have a fix for of this. they're giving anyone who brings their car in for the recall a freeloader but at this point they do not know what the problem is. ford stock down today and gm's stock down on reports of bigger inventories of the gm trucks than they thought so not a good day for the automakers but a particularly bad day for ford until they get their arms around
this problem. is only as some would say less than the one hundred thousand vehicles have been recalled and that is fairly small by recall standards but if you don't know what your problem is and this is the huge the important engine, is it running too hot? who knows what the problem is? at this point they don't know. if you have a 40 skate they give you a loner but don't tell you when you will get your car back because they don't know. ashley: very unusual to have a recall but had no clue what is causing the problem. interesting. jeff flock in chicago, thank you. tracy: chris kirk. let's turn to health care. the new health-care law forcing big changes across this sector including biotech. the next guest founded and run the quarter therapeutics, a maker of multiple sources drug which is doing amazing things. ron cohen joins us. last time you were here you were telling us what it is doing, helping people improve their walking, development of drugs
going forward is being challenged and part of the problem is if we go over the fiscal cliff and fda funding. >> it is the huge issue. if we go over the fiscal cliff, a disproportionate set of cuts is going to happen in areas that are not protected, the fda being one of them. we rely on a vigorous efficient 58 to get our drugs through as quickly as possible, get approved so people can use them. if this goes through the fda budget will be cut by $350 million. that is going to cause a huge slowdown in their ability to help us get our drugs through and do what they're supposed to do. that is a big issue. tracy: the other issue we were just talking about is the investment in new drugs. we heard venture-capital lists are not coming to the mental device world because of the excise tax. you say they're slowing down in the drug creation world as well. >> the part of that and fda regulation was becoming
inefficient enough that the time lines were increasing more and more. it takes 12 or more years on average to get a promising drug to market assuming that it works. the fda has been concerned and working on it and we have had some legislation passed by congress and signed by the administration this year that increases the efficiency of some of the processes. until recently venture-capital lists were slowing down their investments because they felt the risks were too high. they are starting to be more encouraged because of this increased efficiency but if the capital markets go south as they will in response to going over the fiscal cliff one of the first thing they're going to do is pull back from the riskier investments like biotech and we are gging to lose a generation of medicine that we all need coming out in the next several years. tracy: a few years from now we won't have the new drugs lead. how do you prepare for this other than moving your country, your company out of a country, what do you do?
how are you preparing? >> the way we are preparing is increasing efforts to speed our processes. it takes on new urgency. the truth is there isn't a lot we can do except hope our political leaders do the right thing for the country and the capital markets and make sure we have an environment where we can develop these drugs. tracy: the fiscal cliff very well might be averted but obamacare is here to say. medical device tax is here to stay. what you said earlier, the whole notion that might be a taboo industry is here to stay too. >> don't know about the ken duke industry. tracy: attached industry. >> i have a balanced view of the affordable care act. as a physician i have to say i am pleased that thirty million more people or so are going to have access to basic health care coverage. i don't think you can have a
civilized country without affording that to your citizens so right away i am supportive of that the industry we are supportive of that and on the other hand there are aspects that are disturbing. there's a provision that many people don't know about called the independent payment advisory board which is going to be an unelected group of people charged with cutting costs but without necessarily having a strategy. tracy: all these unintended consequences of obamacare and we wish we had more time to talk about them. thanks for being here. i hope they are listening to you. ashley: we talked for weeks and weeks about all the issues. tracy: coming and coming. ashley: liz claman will take us through the last hour of trading and has the chairman of tv ameritrade. not only a leader in the boardroom but also a college football coach running the division 1 aa program. find out what he is saying about the retail investor and if he will never come back. count down to the closing bell is next. bore copd...
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